FCE Bank PLC

As Agent Bank, please be advised of the following rate determined on:
25-Nov-2003

Issue               : FCE Bank PLC - Series 132
                      GB�25,000,000 (MTN) FRN due 25th May 2004
ISIN Number         : XS0097609035
Issue Nomin     GBP : 25,000,000.00
Period              : 25-Nov-2003 to 25-Feb-2004      Payment Date 25-Feb-2004
Number of Days      : 92
Rate                : 4.10875
Denomination    GB  : 25,000,000.00

Amount Payable 
per Denomination    : 258,484.64

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438